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CDW Corporation（CDW）与维萨（V）财务数据对比。点击上方公司名可切换其他公司
维萨的季度营收约是CDW Corporation的2.0倍（$11.2B vs $5.5B），维萨同比增速更快（17.0% vs 6.3%），过去两年维萨的营收复合增速更高（12.3% vs 6.3%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
维萨（Visa Inc.）是总部位于美国加利福尼亚州旧金山的跨国支付卡服务企业，业务覆盖全球电子资金转账领域，旗下拥有Visa品牌的信用卡、借记卡、预付卡等多条产品线，为全球消费者及商户提供安全便捷的电子支付解决方案。
CDW vs V — 直观对比
营收规模更大
V
是对方的2.0倍
$5.5B
营收增速更快
V
高出10.7%
6.3%
两年增速更快
V
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $11.2B |
| 净利润 | — | $6.0B |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 64.4% |
| 净利率 | — | 53.4% |
| 营收同比 | 6.3% | 17.0% |
| 净利润同比 | — | 32.0% |
| 每股收益（稀释后） | $2.13 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CDWV
| Q2 26 | — | $11.2B | ||
| Q4 25 | $5.5B | $10.9B | ||
| Q3 25 | $5.7B | $10.7B | ||
| Q2 25 | $6.0B | $10.2B | ||
| Q1 25 | $5.2B | $9.6B | ||
| Q4 24 | $5.2B | $9.5B | ||
| Q3 24 | $5.5B | $9.6B | ||
| Q2 24 | $5.4B | $8.9B |
净利润CDWV
| Q2 26 | — | $6.0B | ||
| Q4 25 | — | $5.9B | ||
| Q3 25 | $291.0M | $5.1B | ||
| Q2 25 | $271.2M | $5.3B | ||
| Q1 25 | $224.9M | $4.6B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | $316.4M | $5.3B | ||
| Q2 24 | $281.1M | $4.9B |
毛利率CDWV
| Q2 26 | — | — | ||
| Q4 25 | 22.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 20.8% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.8% | — |
营业利润率CDWV
| Q2 26 | — | 64.4% | ||
| Q4 25 | 7.8% | 61.8% | ||
| Q3 25 | 7.7% | 57.3% | ||
| Q2 25 | 7.0% | 60.7% | ||
| Q1 25 | 7.0% | 56.6% | ||
| Q4 24 | 7.9% | 65.6% | ||
| Q3 24 | 8.7% | 66.0% | ||
| Q2 24 | 8.0% | 66.7% |
净利率CDWV
| Q2 26 | — | 53.4% | ||
| Q4 25 | — | 53.7% | ||
| Q3 25 | 5.1% | 47.5% | ||
| Q2 25 | 4.5% | 51.8% | ||
| Q1 25 | 4.3% | 47.7% | ||
| Q4 24 | — | 53.8% | ||
| Q3 24 | 5.7% | 55.3% | ||
| Q2 24 | 5.2% | 54.7% |
每股收益（稀释后）CDWV
| Q2 26 | — | — | ||
| Q4 25 | $2.13 | — | ||
| Q3 25 | $2.21 | — | ||
| Q2 25 | $2.05 | — | ||
| Q1 25 | $1.69 | — | ||
| Q4 24 | $1.97 | — | ||
| Q3 24 | $2.34 | — | ||
| Q2 24 | $2.07 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $618.7M | $12.4B |
| 总债务越低越好 | — | $22.4B |
| 股东权益账面价值 | $2.6B | $35.7B |
| 总资产 | $16.0B | $95.0B |
| 负债/权益比越低杠杆越低 | — | 0.63× |
8季度趋势，按日历期对齐
现金及短期投资CDWV
| Q2 26 | — | $12.4B | ||
| Q4 25 | $618.7M | $14.8B | ||
| Q3 25 | $452.9M | $17.2B | ||
| Q2 25 | $481.0M | $17.1B | ||
| Q1 25 | $688.1M | $11.7B | ||
| Q4 24 | $717.7M | $12.4B | ||
| Q3 24 | $1.2B | $12.0B | ||
| Q2 24 | $665.3M | $12.9B |
总债务CDWV
| Q2 26 | — | $22.4B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CDWV
| Q2 26 | — | $35.7B | ||
| Q4 25 | $2.6B | $38.8B | ||
| Q3 25 | $2.5B | $37.9B | ||
| Q2 25 | $2.5B | $38.7B | ||
| Q1 25 | $2.3B | $38.0B | ||
| Q4 24 | $2.4B | $38.3B | ||
| Q3 24 | $2.3B | $39.1B | ||
| Q2 24 | $2.2B | $39.7B |
总资产CDWV
| Q2 26 | — | $95.0B | ||
| Q4 25 | $16.0B | $96.8B | ||
| Q3 25 | $15.2B | $99.6B | ||
| Q2 25 | $15.3B | $100.0B | ||
| Q1 25 | $15.0B | $92.9B | ||
| Q4 24 | $14.7B | $91.9B | ||
| Q3 24 | $14.4B | $94.5B | ||
| Q2 24 | $13.6B | $91.0B |
负债/权益比CDWV
| Q2 26 | — | 0.63× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $433.8M | — |
| 自由现金流经营现金流 - 资本支出 | $395.9M | — |
| 自由现金流率自由现金流/营收 | 7.2% | — |
| 资本支出强度资本支出/营收 | 0.7% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.1B | — |
8季度趋势，按日历期对齐
经营现金流CDWV
| Q2 26 | — | — | ||
| Q4 25 | $433.8M | $6.8B | ||
| Q3 25 | $328.3M | $6.2B | ||
| Q2 25 | $155.9M | $6.7B | ||
| Q1 25 | $287.2M | $4.7B | ||
| Q4 24 | $345.3M | $5.4B | ||
| Q3 24 | $342.1M | $6.7B | ||
| Q2 24 | $149.9M | $5.1B |
自由现金流CDWV
| Q2 26 | — | — | ||
| Q4 25 | $395.9M | $6.4B | ||
| Q3 25 | $298.5M | $5.8B | ||
| Q2 25 | $133.4M | $6.3B | ||
| Q1 25 | $260.3M | $4.4B | ||
| Q4 24 | $316.7M | $5.1B | ||
| Q3 24 | $308.5M | $6.4B | ||
| Q2 24 | $119.0M | $4.7B |
自由现金流率CDWV
| Q2 26 | — | — | ||
| Q4 25 | 7.2% | 58.7% | ||
| Q3 25 | 5.2% | 54.5% | ||
| Q2 25 | 2.2% | 62.0% | ||
| Q1 25 | 5.0% | 45.5% | ||
| Q4 24 | 6.1% | 53.1% | ||
| Q3 24 | 5.6% | 66.1% | ||
| Q2 24 | 2.2% | 53.2% |
资本支出强度CDWV
| Q2 26 | — | — | ||
| Q4 25 | 0.7% | 3.5% | ||
| Q3 25 | 0.5% | 3.6% | ||
| Q2 25 | 0.4% | 4.1% | ||
| Q1 25 | 0.5% | 3.4% | ||
| Q4 24 | 0.6% | 3.6% | ||
| Q3 24 | 0.6% | 3.2% | ||
| Q2 24 | 0.6% | 4.5% |
现金转化率CDWV
| Q2 26 | — | — | ||
| Q4 25 | — | 1.16× | ||
| Q3 25 | 1.13× | 1.23× | ||
| Q2 25 | 0.57× | 1.28× | ||
| Q1 25 | 1.28× | 1.03× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | 1.08× | 1.25× | ||
| Q2 24 | 0.53× | 1.05× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CDW
暂无分部数据
V
| Data processing revenue | $5.5B | 49% |
| International transaction revenue | $3.6B | 32% |
| Other revenue | $1.3B | 12% |
| Other | $736.0M | 7% |
